Wait or Relist?

safara

Hi All

We accepted an offer on our house last August, and things progressed a bit slowly, with the surveys, more surveys, searches etc etc - but, finally a completion date was arrived at for the third week of Jananury.

But, the week before, the buyer had to call this off, as the sale of their house had fallen through. So, we are currently giving the buyer time to find another buyer for their house.

But, how long to wait? It is obviously going to be a much easier thing if they get a buyer and we just proceed as planned. No need for more viewings, surveys etc etc - and prices may have cooled a bit meaning we may need to lower the sale price if we relist.

We are not using this sale directly to purchase another house - moving in with family so we can then view as cash buyers. But we would like to actually get this done and start moving on.

So, is a done deal that almost at completion worth holding onto, and waiting maybe a couple of extra months - or with spring in the air, relist and find another buyer?

Maybe we offer both dropping our price a bit to stimulate a sale on their end?

I know this is a bit like how long is a piece of string - but in general terms - I am thinking it is better to hang onto a deal in a cooling market, than relist - but would appreciate the thoughts of others out there.

Cheers

Voyager2002

What does your agent say?

These people have spent money on surveys so they are obviously committed to the purchase, but perhaps they are unrealistic about the value of their present property and so will never be able to proceed. You simply don't know, but an experienced EA working for you is likely to have a pretty good idea.

EssexHebridean

Of, the agent, wanting their commission will advise to put it back on the market anyway in the hope of a new buyer getting to completion point faster. 🤷🏻‍♀️

One risk OP - presumably the existing buyer is currently still planning to honour the original price? If you remarket now it may have to be a for a lower price, at which point the buyer you already have in place will, quite reasonably, drop their offer! 

Sarah1Mitty2

EssexHebridean said:

Of, the agent, wanting their commission will advise to put it back on the market anyway in the hope of a new buyer getting to completion point faster. 🤷🏻‍♀️

One risk OP - presumably the existing buyer is currently still planning to honour the original price? If you remarket now it may have to be a for a lower price, at which point the buyer you already have in place will, quite reasonably, drop their offer! 

Yes, this would be the most sensible move for them to make, but they could still drop the offer citing "market changes" anyway.

safara

Thanks for the comments - shall be getting onot the EA next week to see their thoughts.

And yes, my thoughts are that if we were having to relist at a lower pice due to market changes, then better to offer this drop to the current buyer first to see that gets them a sale by them having the opportunity to drop their sale price.

Sarah1Mitty2

safara said:

Thanks for the comments - shall be getting onot the EA next week to see their thoughts.

And yes, my thoughts are that if we were having to relist at a lower pice due to market changes, then better to offer this drop to the current buyer first to see that gets them a sale by them having the opportunity to drop their sale price.

Yes, good move.